Magellan Minerals Signs Option on Agua Azul Gold, Brazil

Magellan Minerals is pleased to announce it has signed an option agreement to earn 100% of the Agua Azul zenith block making machinesgold property located in the prolific Carajas mineral province of northern Brazil.

Agua Azul is a well-known district with historic workings that occur within an EW trending gold belt in south eastern Para state. The property consists of two exploration licenses comprising 11,458 hectares just west of the town of Agua Azul do Norte, 300km south of the regional center of Maraba. An additional 27,148 hectares have been staked approximately 20km west of the Agua Azul property in the vicinity of numerous historic alluvial gold producers. The area has excellent infrastructure and access. State highway 279 transects the northern part of both licenses and the nearby airport at Ourilandia is serviced by daily flights from Belem via Carajas. During the late 1980s and early 1990s, over 5,000 garimpeiros (artisanal miners) extracted several hundred thousand ounces of gold from minor drainages and shallow surface workings in bedrock within the license area. Recently, small scale miners have been exploiting a series of veins and silicified zones up to...